对二级市场投资者来说，企业投资效率其获得收益的重要因素，此外，接连发生的企业财务丑闻使得会计信息质量成为二级市场投资者关注的热点。因此，本文希望明确会计信息质量在公司层面对投资效率的作用，将两个学科热点相关联。

理论上，本文整理并总结了该方向的已有研究，规范地分析了会计信息质量与之影响公司整体投资效益之间的可能因素和效果。在实证研究方面，本文通过借鉴现有研究成果对公司会计信息质量的评价方式，从盈余管理角度量化会计信息质量，通过对公司非效率投资规模评价公司的长期投资绩效，通过选择2016-2020年沪深A股上市企业的财务数据探讨会计信息质量和企业投资效率之间的关联。

研究得到了企业投资效率受会计信息质量直接影响的结果，即会计信息质量正相关于企业的投资效率。除此之外，本研究还发现企业资产规模和净资产回报率分别与投资效率负相关，货币资金持有量与投资效率正相关。

For secondary market investors, enterprise investment efficiency is an important factor for them to obtain income. In addition, the continuous occurrence of enterprise financial scandals makes the quality of accounting information become the focus of secondary market investors. This paper aims to find the role of the authenticity of financial information in how efficient firms invest.

This paper combines theoretical and empirical research methods to investigate. From the theoretical aspect, by concluding the researches of the quality of accounting information and its important role in the overall investment benefit of enterprises, this paper analyzes the important factors connecting the two variables. In terms of empirical research, this paper quantifies the quality of accounting information from the perspective of earnings management, evaluates the company's long-term investment performance, and finds how the two variables interact by selecting the main financial data of A-share listed companies from 2016 to 2020.

Both methods find that firms that disclose with more honesty enjoy higher efficiency in investing affairs. In addition, this study also found that enterprise asset size and return on net assets are negatively correlated with investment efficiency, and monetary capital holdings are positively correlated with investment efficiency.